金鹰基金：有底有顶格局或难有明显变化 市场风格轮动或将延续

Group 1 - The domestic equity market has established a policy bottom, but short-term economic resilience expectations are limited due to external demand uncertainties, leading to a structural rotation in the market with a temporary preference for dividend stocks [1] - In June, the market is expected to maintain a range-bound structure, influenced by external shocks and policy support for economic recovery, with a focus on dividend assets and new consumption sectors, as well as low-position opportunities in technology growth [1] - The consumption sector is expected to benefit from a shift in policy focus from supply-side to demand-side, with strong expectations for consumption policies and stable performance in essential consumer industries during the earnings season [1] Group 2 - The pharmaceutical industry is currently undervalued, with an anticipated surge in innovative drugs due to a significant policy shift in centralized procurement, which may open up valuation ceilings and improve performance expectations for domestic innovative drugs [2] - Dividend assets are likely to benefit from a stable fundamental environment and low interest rates, with strong policy support expected to accelerate long-term capital inflows into high-yield assets [2] - The geopolitical uncertainties and potential risks from the "America First" policy have increased the allocation value of defensive assets, suggesting continued interest in defense, food security, security, and gold assets [2]